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CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Senior unsecured notes, carrying value $ 238,848,000 $ 159,196,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares, issued (in shares) 90,529,421 90,574,996
Common stock, shares outstanding (in shares) 90,529,421 90,574,996
Assets [1] $ 10,004,055,000 $ 9,217,282,000
Liabilities [1] 8,585,743,000 7,806,148,000
VIE, Primary Beneficiary    
Assets 4,222,979,000 3,988,584,000
Liabilities $ 3,679,092,000 $ 3,477,211,000
Preferred Stock, Series Shares    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 31,500,000 31,500,000
Preferred stock, shares issued (in shares) 22,164,414 22,164,414
Preferred stock, shares outstanding (in shares) 22,164,414 22,164,414
Preferred Stock, aggregate liquidation preference $ 554,110,000 $ 554,110,000
Collateralized Debt Obligations, at Fair Value    
Multi-family CDOs, at fair value 2,429,141,000 2,135,680,000
Collateralized Debt Obligations, at Fair Value | VIE, Primary Beneficiary    
Multi-family CDOs, at fair value 2,429,141,000 842,764,000
Collateralized Debt Obligations, at Amortized Cost, Net    
Multi-family CDOs, at fair value 757,673,000 842,764,000
Collateralized Debt Obligations, at Amortized Cost, Net | VIE, Primary Beneficiary    
Multi-family CDOs, at fair value 757,673,000 2,135,680,000
Senior Unsecured Notes, at Fair Value    
Senior unsecured notes, carrying value 139,761,000 60,310,000
Senior Unsecured Notes, at Amortized Cost, Net    
Senior unsecured notes, carrying value $ 99,087,000 $ 98,886,000
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,222,979 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,679,092 and $3,477,211, respectively. See Note 7 for further discussion.